Overview
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Asset ClassFixed Income
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CIFSC CategoryCanadian Short-Term Fixed Income
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Risk RatingLow
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Holdings42
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Yield to Maturity6.0%
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Current Yield4.0%
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Average Duration1.3 Years
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Average Credit QualityA+
Objectives
The Fund seeks to achieve a total return greater than the return achieved by a representative Canadian fixed income index, such as the FTSE Canada Short Term Corporate Bond Index.
Investment Focus
Established in 1997 by John Carswell, Canso currently manages over $36 billion in assets. Canso is a investment management firm that has demonstrated independent research expertise in fundamental analysis.
Fund Facts
August 31, 2023Inception Date | January 31, 2006 |
Currency | CAD |
Fund AUM | $41.7 Million |
Management Fee | 0.45% |
MER as of December 31, 2022 | 0.56% |
Minimum Initial Investment | $25,000 (accredited investor) |
RRSP Eligible | Yes |
Portfolio Characteristics
Holdings | 42 |
Average Term to Maturity (Years) | 2.1 |
Average Duration (Years) | 1.3 |
Yield to Maturity (%) | 6.0% |
Current Yield (%) | 4.0% |
Average Credit Quality1 | A+ |
Credit Quality Breakdown
AA & Higher | 33.1% |
A | 45.7% |
BBB | 21.3% |
Sector
Communication | 3.0% |
Energy | 7.6% |
Federal | 17.6% |
Financial | 59.1% |
Industrial | 2.6% |
Infrastructure | 7.4% |
Real Estate | 0.7% |
Other | 0.2% |
Portfolio
Top 10 Holdings
Canso Short Term and Floating Rate Income Fund
Security | % of Fund | Rating |
---|---|---|
Canada 0.75% Feb 1, 2024 | 11.5% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 6.5% | AA- |
MetLife Global Funding I 3.257% Apr 1, 2025 | 5.3% | AA- |
TD Bank 4.477% Jan 18, 2028 | 4.9% | A+ |
Toyota Credit Canada Inc. 2.31% Oct 23, 2024 | 4.8% | A+ |
RBC 4.642% Jan 17, 2028 | 4.7% | A+ |
JP Morgan Chase FRN Jan 10, 2025 (Q LIBOR+85)(USD) | 4.6% | A+ |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 4.4% | A+ |
Morgan Stanley FRN Mar 21, 2025 (Q CDOR +33) | 4.3% | A+ |
Nav Canada 0.555% Feb 9, 2024 | 4.0% | A+ |
Total | 55.0% |
Performance
Inception Date
January 31, 2006
As of Date
August 31, 2023
Compound Returns - Series C
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.4% | 0.9% | 2.7% | 3.2% | 0.5% | 1.6% | 1.7% | 2.9% |
Calendar Year Returns - Series C
Distributions
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 28, 2023 | December 29, 2023 |